Talks about how George Washington launched a new government and how Hamilton dealt with national debt.
We LOVE you Washington
I need to be the perfect president to show other future presidents what to do and how to act.
Hamilton- Secretary of the Treasury, Jefferson- Secretary of state...
Part one- buy up all bonds and part two- pay off debts owed by the states!!! =)
Thats a terrible plan it will reward speculators and many Southern states have already paid off there debts!!! =(
After George Washington's inauguration he wanted to make sure that he was setting a good example to future presidents. One of his most outstanding precedents was when he didn't run after his second term, for he wanted others to have a chance at being president.
How about this compromise...
I did, and let me just say it was rather expensive!
Washington knew that he would need help running the country, so he made a cabinet of trusted and smart people that he was close too. Congress passed the Judiciary Act stating that the Supreme Court needed to have one Chief Justice and five Associate Justices.
Did you pay a tariff for those goods?!
Wow, sounds expensive just for some goods
Now that Alexander Hamilton was the Secretary of the Treasury he had a plan to get the new country out of national debt. It was to buy up all of the bonds issued from the national and state governments. Then he would sell new bonds to pay off those old debts. When the economy improved the government would be able to pay off the new bonds. He also wanted the national government to pay off the debt the states were in.
NO more taxation on our liquor!!!
Many people like James Madison, and southerners, did not like his plan. So, Hamilton had to create a compromise with them. He asked northerners to vote for the country's capital to be in the South, if southerners agreed to repay the states debts. The southerners agreed, and on July 1790 Congress passed bills taking over state debts.
After Hamilton settled the dispute with the southerners he wanted to improve the economy. To do this he made Congress make a National Bank, it was to give loans to farmers which would help the growth of the economy. He also put a tariff on all foreign goods brought into the country.
Hamilton wanted to tax something that would raise money for the Treasury. So, Congress passed a bill that taxed all liquor in the country. Again people were not happy with this bill, soon thousands of farmers were rebelling against the tax. So, Washington sent the militia and scared the rebels. The Whiskey Rebellion was a crucial test of strenght against the new government, it showed that those who solved problems through violence would not succeed.